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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
 * Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, Australia approved Chinese firm Yanzhou Coal Mining Co's $2.9 billion takeover of coal-miner Felix Resources Ltd on Friday, but said the local firm's assets must be run by an Australia-based company.
The deal is also conditional on listing the local unit on the Australian market and trimming Yanzhou's holding, but it does not change Australia's declared bias against takeovers of greenfield resource projects or major mining companies.
"I won't say this is a dramatic shift in government policy," said Ian Ramsay, a law professor of University of Melbourne.
"We are seeing government policy evolve in relation to foreign investment decisions and that is certainly the case in relation to investments by Chinese companies in Australian resources sector."
Chinese state-owned companies have been looking to buy up Australian mining assets to secure supplies of raw materials for its rapidly growing economy, the world's third largest.
But bilateral ties have been strained by Canberra's opaque and sometimes lengthy process for vetting foreign investments, with some high-profile deals falling through before a decision is reached or after strict conditions have been imposed.
"The government is looking for an acceptable middle ground. This does send a pretty positive message and I say this because these are not unduly onerous undertakings," Ramsay said.
LOCAL LISTING, EXECUTIVES
The Australian government has stipulated that Yanzhou Coal must list the local unit on the Australian stock market by 2012 and cut its ownership to less than 70 percent, Assistant Treasurer Nick Sherry said in a statement.
Sherry said Yanzhou had already accepted these conditions, as well as promised to base the local unit's chief executive and chief financial officer in Australia.
Yanzhou further agreed to market coal produced at all of its Australian mines "on arms-length terms with reference to international benchmarks and in line with market practices."
Felix, which has mines in Queensland and New South Wales states, produced 4.8 million tonnes of coal in the year to June. Analysts expect the deal to boost Yanzhou's output by about 10 percent.
"With these undertakings provided by Yanzhou, I consider that this acquisition is consistent with Australia's national interest," Sherry added.
In March, Canberra rejected Chinese state-owned firm Minmetals' $2.26 billion bid for all of local miner OZ Minerals on national security grounds.
Other mooted deals have also been derailed.
Anglo-Australian miner Rio Tinto walked away from a $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bott ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
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- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Agrawal Coal Company - India
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- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
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- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
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- Planning Commission, India
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- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
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- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
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- Simpson Spence & Young - Indonesia
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- Indian Energy Exchange, India
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- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
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- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Australian Coal Association
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- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
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- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
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- South Luzon Thermal Energy Corporation
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- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
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